The Central Bank of Nigeria (CBN) has reportedly given commercial banks and forex dealers the freedom to sell forex at a market-determined rate, aligning with President Bola Tinubu’s pledge to unify the multiple exchange rates in the market. According to the Leadership Newspaper, this move implies that Nigeria is now operating a freely floating exchange rate. This development occurred shortly after the President suspended the Governor of the CBN, Godwin Emefiele. Following the CBN’s decision to grant freedom on forex, the Naira is now trading at N750-N755 per dollar at the investors and exporters (I&E) window.
